The Abu Dhabi Global Market Financial Services Regulatory Authority, ADGM FSRA, and the Israel Securities Authority, ISA, have entered into a FinTech cooperation agreement, marking a significant first in the MENA region and representing an important step forward in promoting the region as a connected and collaborative environment for FinTech to thrive in.
According to the news piece on WAM ( UAE News Agency website) the agreement provides a framework for information sharing, and for facilitating the movement of start-ups, knowledge, and talent between the two jurisdictions. With this new partnership, the ADGM FSRA and the ISA will undertake initiatives to promote economic growth in financial services through the adoption of new technology and the strengthening of their respective FinTech sectors.
Richard Teng, Chief Executive Officer of the ADGM FSRA, stated, “From our close discussions with the Israel Securities Authority, in particular during the FinTech Abu Dhabi Festival, it is clear that both authorities value the importance of collaboration and mutual support. I look forward to working closely with our partner to bring forward a more connected, collaborative network to meet the demands of our growing FinTech ecosystem.”
The agreement will allow for the exchange of information on trends, services and products, as well as facilitate the collaborative development of FinTech initiatives between the ADGM FSRA and the ISA. Both jurisdictions will also engage in professional knowledge transfer activities, accelerator programmes and the promotion of the development of relevant technologies, such as digital payments and blockchain, which are fundamental elements to the growth of the FinTech sector.
The agreement will also afford FinTech start-ups the ability to access information from the respective jurisdictions through one common point of contact.
Recently the Central Bank of UAE released their digital assets, and digital payments regulation. This will also allow the flourishing of this sector in the UAE and GCC.